UniCredit says to buy back stock this year, cut 9% of staff
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MILAN (Reuters) - Italy's biggest bank UniCredit said on Tuesday it would buy back its stock this year to improve returns for investors, and shed 9% of staff under a new plan to 2023 to cut costs by 1 billion euros (859 million pounds) in Western Europe.Highlighting the challenge facing retail banks operating in a negative interest rate environment, UniCredit forecast underlying net profit of 5 billion euros in 2023, only slightly above the 4.7 billion euros expected this year.The bank, which..